Small to medium-sized enterprises with up to 250 employees—SMEs—are the bedrock of economies worldwide. In the UK alone there are six million of them, collectively employing 17 million people. Until recently they were also a very dynamic segment, achieving strong growth over the past couple of years. But, as we all know, COVID-19 has changed…
In my last post, I shared the two emerging business models that are powered by Open Banking: banking as a platform and banking as a service. The future of any Open Banking offering will depend on the value it provides or the monetization options it creates. Participants can bundle or unbundle offerings and services. The…
In my last blog, I pointed out that low advisory trust is the underlying cause for five percent of banks’ retail revenues being at risk. To address this threat and grow their business, banks need to build customer trust and create win-win relationships that endure over time. For starters, banks can sustain the understanding, empathy,…
Consumer spending over connected-car platforms is expected to reach $265 billion by 2023. But will that benefit all players—or just the ones that carve out a definitive competitive advantage? Picture this: It’s a sunny Saturday morning and you and your family are buckled into the car for a day out. “Find the nearest gas station,”…
In my first post, I talked about how it was time for banks to start looking beyond compliance in Open Banking and to imagine their role in the new application programming interface (API) economy. Open Banking offers banks the opportunity for greater efficiencies and new revenue growth, not to mention competitive advantages in an increasingly…
Banks, by and large, should be proud of how they’ve handled the early stages of the COVID-19 crisis—shifting quickly to remote working and helping provide customers with much-needed liquidity and financial support. More changes lie ahead. Some will be hard to predict (such as whether the public health crisis will be a one-off or recurring…
